As an intrinsic element of Canada’s capital markets, TSX Equities embraces its role as Canada’s national market operator. Through Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV), TMX Select and Alpha we provide marketplaces where all can trade with confidence and certainty. This is both a long-standing responsibility and a deeply ingrained aspect of our culture.
For over 160 years, we have been the champions of vibrant and enduring Canadian capital markets, working together with the industry to evolve and adapt, to enhance our collective position globally, and to respond to challenges and opportunities with solutions that address a broad range of client and investor needs. Today, we again find ourselves at a point where industry challenges require decisive action to preserve the efficiency and integrity of our markets.
There are three significant issues that require our attention and action:
• Canadian order flow is migrating to the United States (U.S.)
• Technology-driven markets are not optimized to serve all
• Market complexity is on the rise
We have examined each of these issues at great length and through extensive consultation with our clients and a broad group of other market participants. After careful analysis we are now proposing bold steps to tackle each one. This document provides an overview of our proposed changes, which are subject to regulatory approval. In our view, each will have a beneficial and singularly significant impact on the market. Importantly, these initiatives are open for discussion and we encourage all market participants to carefully consider each and to share their views. To successfully reshape Canada’s equities trading landscape for the benefit of all, the debate, collaboration and support must be open and expansive. We encourage and welcome your input.
TMX GROUP – DECEMBER 10, 2014.
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